MEIHUA BIO、MeiHua Group(600873) 民生证券·2025-03-18 06:02Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future growth potential [4][6]. Core Viewpoints - The company experienced a revenue decline of 9.69% year-on-year in 2024, with total revenue reaching 25.069 billion yuan. The net profit attributable to shareholders decreased by 13.85% to 2.740 billion yuan [1][2]. - The decline in revenue was primarily due to falling prices of products such as monosodium glutamate and xanthan gum, which led to a revenue reduction of approximately 4.046 billion yuan. However, increased sales of products like threonine and feed-grade valine contributed to a revenue increase of about 1.355 billion yuan [2]. - The company is focusing on overseas expansion and research and development, with significant investments in greenfield projects and acquisitions to enhance its global footprint and product offerings [3]. Summary by Relevant Sections Business Performance Overview - In 2024, the company generated revenue from various segments: animal nutrition amino acids (14.624 billion yuan), human medical amino acids (0.476 billion yuan), food flavor optimization products (7.945 billion yuan), and other products (1.833 billion yuan). The gross profit margins for these segments were 19.65%, 25.68%, 19.45%, and 23.31% respectively [2]. Future Growth Projections - The company is projected to achieve net profits of 3.173 billion yuan, 3.242 billion yuan, and 3.345 billion yuan for the years 2025, 2026, and 2027 respectively. The earnings per share (EPS) are expected to be 1.11 yuan, 1.14 yuan, and 1.17 yuan for the same years [4][5]. Research and Development Initiatives - In 2024, the company invested 733 million yuan in R&D, focusing on foundational research and the promotion of new technologies and strains. This investment is aimed at building a synthetic biology platform and enhancing production efficiency [3].